My Way News - Treasury's toxic asset plan could cost $1 trillionNot repeated? I don't think it could be TOUCHED!WASHINGTON (AP) - The Obama administration's latest attempt to tackle the banking crisis and get loans flowing to families and businesses will create a new government entity, the Public-Private Investment Program, to help purchase as much as $1 trillion in toxic assets on banks' books.
The new effort, to be unveiled Monday, will be followed the next day with release of the administration's broad framework for overhauling the financial system to ensure that the current crisis - the worst in seven decades - is not repeated.
Trillions being tossed around, Obama finding time to go on talk shows and acting like a second-rate comic, going on '60 Minutes' and having the host being agast at his actions - would someone PLEASE tell the author of this damnable tale that not only is there no way it's ever going to sell since the characters in a political thriller are at least SUPPOSED to be marginally competent, but it's not even that amusing as a political comedy where the characters are assumed to be completely incompetent?
I think we're screwed. And we're not only screwed, but we've got no idea just HOW screwed we are yet. Obama's pulling hard on the wrench, and he's paying NO attention whatsoever to the torque limits...
J.
Comments (2)
I don't think Obama by himself is strong enough to destroy the American Economy.
He needs the long lever of the heavily Democratic 111th congress along with the cheater bar of a almost filibuster proof Senate to get the leverage he needs to really screw things up bad.
The weak point there is the Media powered suction grip that connects our Democratic President to the Democratic Congress.
As long as Obama's popularity with the more liberal half of the U.S. population and the Press remains high enough to get Democratic candidates elected in the next election Pelosi and Reid and the rest of the Democrats in Congress will go along with him on just about anything.
If, as appears to be happening right now, He loses that popularity with the Press and the public, Congress will turn on him like a rabid dog on a wounded pork chop and he'll end up facing a even more intractible Congress than Clinton faced in '94.
otpu
Posted by otpu | March 23, 2009 8:17 AM
Posted on March 23, 2009 08:17
I think he's already starting to lose some of that popularity - the NYTimes is apparently pretty critical of him at this point.
"Torque it till the head snaps off, then back it off a quarter turn..."
It remains to be see what will happen. Isn't it FUN living in historical times?
J.
Posted by JLawson | March 23, 2009 12:01 PM
Posted on March 23, 2009 12:01